Automakers refuse to discuss reducing pollution
According to the Detroit News, GM and Ford refused to talk to representatives from California's state pension funds about their decision to sue California over forcing them to reduce auto emissions.
They also refused to meet with California lawmakers as well, fearing any public comment might hurt their case.
"The California Public Employees' Retirement System and the California State Teachers' Retirement system, which hold about $1.5 billion worth of shares in GM, Ford and others, want automakers to explain why the funds shouldn't use their role as big investors to force the companies to abide by the new law."
The first set of emissions reductions do not take place until 2009. Ultimately, by 2016 automakers will be required to reduce pollution by 30 percent.
At one time, car makers vehemently argued such a requirement was technologically impossible. Of course hybrid cars such as the Toyota Prius already achieve those requirements, so now auto-makers are focusing mostly on just the issue of authority - is this the state's right or the federal government's right.
"California Controller Steve Westly, a member of the funds' boards, told Bloomberg News he may push the funds to support shareholder resolutions or target the companies for egregious corporate governance practices."
They also refused to meet with California lawmakers as well, fearing any public comment might hurt their case.
"The California Public Employees' Retirement System and the California State Teachers' Retirement system, which hold about $1.5 billion worth of shares in GM, Ford and others, want automakers to explain why the funds shouldn't use their role as big investors to force the companies to abide by the new law."
The first set of emissions reductions do not take place until 2009. Ultimately, by 2016 automakers will be required to reduce pollution by 30 percent.
At one time, car makers vehemently argued such a requirement was technologically impossible. Of course hybrid cars such as the Toyota Prius already achieve those requirements, so now auto-makers are focusing mostly on just the issue of authority - is this the state's right or the federal government's right.
"California Controller Steve Westly, a member of the funds' boards, told Bloomberg News he may push the funds to support shareholder resolutions or target the companies for egregious corporate governance practices."
Labels: Ford, GM, Hybrid Vehicles, prius, toyota
posted by Dahcredyns at
6:15 AM
1 Comments:
More people should learn about electric cars as a solution. It’s amazing how far the technology has come in just a few years. Plus the savings becomes more and more attractive the higher gas prices go. There’s even an EV that will do 0-60 mph in 4.8 seconds (source: zapworld.com). Electric is looking more and more like the way to go.
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